There was a 10 per cent year-over-year drop in the number of rental units rented through the MLS system in the Greater Toronto Area in the second quarter of 2016 as supply tightened.
A report from Urbanation highlights a drop from a 25 per cent year-over-year rise in the first quarter of 2016 and amid a 39 per cent slump in new unit registrations compared with the second quarter of 2015.
“Rental supply in the GTA has tightened due to fewer completions and less turnover, which is creating conditions for stronger rent growth” said Shaun Hildebrand, Urbanation’s Senior Vice President. “With not as many would-be buyers vacating their units for the ownership market, competition among renters has increased over the past year.”
Total listings were down 15 per cent while rents climbed 5.2 per cent to a record-high average of $2.61 per square foot.
More market update: